Hotchkis & Wiley Capital Management LLC Trims Stock Position in Bank of N.T. Butterfield & Son Limited (The) $NTB

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its holdings in Bank of N.T. Butterfield & Son by 2.9%, selling 29,180 shares during the first quarter.
• The bank recently reported $1.26 earnings per share, exceeding analysts' expectations, along with declaring a $0.50 quarterly dividend, increased from $0.44.
• Analysts have set new price targets for the bank's stock, with estimates ranging from $50.00 to $54.00, supporting a consensus rating of "Moderate Buy."

Hotchkis & Wiley Capital Management LLC cut its stake in Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 2.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 984,370 shares of the bank's stock after selling 29,180 shares during the period. Hotchkis & Wiley Capital Management LLC owned about 2.07% of Bank of N.T. Butterfield & Son worth $38,312,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in Bank of N.T. Butterfield & Son by 216.7% in the first quarter. GAMMA Investing LLC now owns 1,346 shares of the bank's stock worth $52,000 after acquiring an additional 921 shares in the last quarter. Lazard Asset Management LLC purchased a new position in Bank of N.T. Butterfield & Son in the fourth quarter worth $72,000. Quarry LP grew its position in Bank of N.T. Butterfield & Son by 19.7% in the fourth quarter. Quarry LP now owns 3,069 shares of the bank's stock worth $112,000 after acquiring an additional 505 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. grew its position in Bank of N.T. Butterfield & Son by 164.2% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,290 shares of the bank's stock worth $157,000 after acquiring an additional 2,666 shares in the last quarter. Finally, Hsbc Holdings PLC purchased a new position in Bank of N.T. Butterfield & Son in the first quarter worth $201,000. 62.73% of the stock is currently owned by hedge funds and other institutional investors.

Bank of N.T. Butterfield & Son Price Performance

NTB traded down $0.36 during trading on Thursday, hitting $44.94. 69,119 shares of the stock traded hands, compared to its average volume of 178,617. The firm has a 50-day moving average of $45.10 and a 200 day moving average of $41.59. The firm has a market capitalization of $2.14 billion, a P/E ratio of 9.02 and a beta of 0.64. Bank of N.T. Butterfield & Son Limited has a 12-month low of $34.77 and a 12-month high of $46.89.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.11. The business had revenue of $146.30 million for the quarter, compared to the consensus estimate of $146.91 million. Bank of N.T. Butterfield & Son had a net margin of 27.05% and a return on equity of 21.16%. During the same period in the previous year, the firm earned $1.09 EPS. As a group, equities analysts predict that Bank of N.T. Butterfield & Son Limited will post 4.4 EPS for the current fiscal year.

Bank of N.T. Butterfield & Son Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Monday, August 11th. This is an increase from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. Bank of N.T. Butterfield & Son's payout ratio is presently 40.16%.

Analysts Set New Price Targets

A number of equities analysts recently commented on NTB shares. Keefe, Bruyette & Woods lifted their target price on shares of Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the stock a "market perform" rating in a research report on Friday, July 11th. Raymond James Financial reiterated an "outperform" rating and issued a $50.00 target price (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company lifted their target price on shares of Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $51.33.

Bank of N.T. Butterfield & Son Company Profile

The Bank of N.T. Butterfield & Son Ltd. provides community banking and wealth management business. The firm operates through the following geographical segments: Bermuda, the Cayman Islands, Channel Islands and the UK, and Other. The Bermuda and Cayman segments offer retail banking and wealth management.